Entrepreneurs Over 50 are the Fastest Growing in America

A growing number of workers age 50-plus are turning interests, hobbies or skills into a small business. Whether you are interested in starting a small business right away or are intending to wait until after retirement, now is the time to explore the possibilities.

But why do people in that age range — many of whom may have already had lengthy careers working for established organizations — want to start businesses? When Gallup studied nearly 2,000 U.S. baby boomers, including entrepreneurs and non-entrepreneurs, we found that an overwhelming majority — 83% — say their main reason for launching a venture was a lifestyle choice or to increase their income.

The Kauffman Foundation says 26% of new entrepreneurs in 2015 were 55 to 64 compared with 15% in 1997.

Many baby boomers are looking for what the Small Business Administration describes as an “encore” career. These boomer entrepreneurs are primarily choosing to start businesses because it allows them to be independent (32%), pursue their interests and passions (27%) or increase their income (24%), rather than committing to the grueling task of starting and managing a high-intensity, high-growth venture. Very few (10%) are pursuing an idea for a new product or service that solves a problem or meets an unfulfilled need in the market — the type of business that would typically have immense growth potential.

Whether your target market is global or just your neighborhood, the SBA and its Resource Partners can help at every stage of turning your entrepreneurial dream into a thriving business.

Summer of Encore Mentoring- Small Business AdministrationIt’s official – June 1 begins the Summer of Encore Mentoring. Encore entrepreneurs over the age of 50 are one of the fastest growing groups of business owners. If you are an individual age 50+, then entrepreneurship can offer an opportunity for you to use your knowledge, passion, life and professional experience toward creating a small business. You can learn more about becoming an encore entrepreneur at a local event near you by.